Building Global Indian Businesses that Stand the Test of Time
Hello Friends,
This goes out to all the young and wannabe entrepreneurs out there who are looking to building a business/enterprise. There is this Amazon Sambhav Summit 2021 happening starting today and goes on for the next 4 days (April 15 - April 18 2021). Well, this event is widely publicized in all leading business sheets and online. Today was day one and and this event is still live happening as I type this.
All entrepreneurs who wish to learn for free and listen to some of the bright minds in the business, who have had a head start over others, give out valuable nuggets that might help us avoid mistakes / spot opportunities. This is an event you would NOT want to miss.
It is important to pick your area of interest and also attend the universal topic out there on brainstorming.
A couple of must attend topic
- Building a global brand
- Leveraging in the Post CoVID19 marketplace
are topics that are worth your time.
The topic in the entire Day 1 live ongoing session that I thought I should be talking about has been -
Mr. Sunil Mittal talking on building a "Global Brand that stands Test of Time"
While he touched upon many important things in his 30 odd minute monologue, a few of the things he mentioned that any budding entrepreneur should watch out for are highlighted
- build a business that you would absolutely love working on. Eagerly looking forward to Monday and raring to go on to finish the unfinished work with vigor is something an entrepreneur should have
- there may be compulsions and limitations of a particular business; which might not work out. He mentioned he changed many businesses in the first 10 years of his career on businesses he did not love maintaining. And that is OK. Engage in a business you love
- build a business that is there for the long haul. His successful telecom business also had several near death experiences. It is important to preserve, not give up and that will help you. He has seen the competition die in front of his eye. From 8-10 players to now 2 and half players.
- Cash flow is king. This statement is under-rated. Early during one such business he ran, he went asking for cash many times before, for several critical payments. One gentleman obliged when he asked for cash earlier than payment due. He did get the cash and got an invaluable advice. "Iski aadat mat daalna". Don't make this a habit. Cash flow management for any enterprise is critical and often missed piece. Vendor payments, salaries, taxes - whatever, keep cash ready for all contingencies.
- Building a reputation takes a lifetime. Lay emphasis on building a great culture, a great value system in place. Early on in the business cycle, the entrepreneur can have several challenges and shortcomings. Those can be plugged over when the business gets strength. What can take a business stand the test of time is the value system.
These and many more insights from Mr. Mittal were to delight to watch and hear. So people, budding and wannabe entrepreneurs; don't miss some of these sessions. Some of them are time well spent.
Hope this update is useful.
Best of luck!